30 October 2020
Visiongain has published a new report on Inertial Navigation System Market Report : Forecasts by Application (Aircraft, Missiles, Naval Vessels, Military Armoured Vehicles, Artillery Systems), by Component (Accelerometers, Gyroscopes, Algorithms & Processors), by Technology (Mechanical Gyro, Ring Laser Gyro (RLG), Fiber Optics Gyro (FOG), MEMS), by Grade (Marine Grade, Navigation Grade, Tactical Grade, Commercial Grade, Space Grade) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Recovery Scenarios.
Global Inertial navigation systems market is estimated to be valued at US$ xx billion in 2021 and is projected to grow at a CAGR of xx% to reach a market value of US$ xx billion by 2031. Focus of armed forces across the globe on the procurement of military aircraft, armored vehicles, missile systems, and various artillery systems is one of the major factors driving the demand for inertial navigation systems market over the past few years. Huge order backlogs of major aircraft manufacturers such as Airbus, Boeing and Lockheed Martin is also expected to drive the market over the forecast period. Demand from airline operators to increase flight safety and accurate location services is also one of the major factors driving the market growth for inertial navigation systems. In addition, air travel has increased significantly in the recent past owing to increase in international tourism, affordable air travel, and growth of low cost carrier airline operators across the globe. Increasing demand for commercial aircraft has directly impacted the market for flight navigation systems. Majority of aircraft manufacturers are investing significantly on the R&D activities to enhance accuracy and safety in aircraft landing during extreme weather conditions through satellite based navigation services. In addition, military aircraft across the major countries such as US, the UK, India, China, and Germany are undergoing modernization programs to replace older avionic systems with next generation avionic system to enhance their performance. These modernization programs are also expected to drive the market for inertial navigation systems during the forecast period.
COVID-19 Impact on Inertial Navigation Systems Market
Due to imposition of lockdown in majority of the countries on account of Covid-19, the demand for air travel has dropped significantly in the recent months and is expected to recover its stability slowly over the next two to three years. Covid-19 has impacted global economies significantly in 2020 and is expected to affect the capital expenditures of armed forces across the globe. As a result, the procurement for military aircraft, armored vehicles, and weapon systems is expected to decline in near future. Due to lesser demand for end use platform, the demand for inertial navigation systems is expected to fall. It is anticipated that the market will start to recover from 2022 as a result of recovery in GDP among the major countries in North America, Europe, and Asia Pacific. On the supply side of the flight navigation systems, major companies have been affected by the pandemic in terms of production plans, raw material procurement, deliveries, and order books. Companies are taking necessary preventive measures to restart their manufacturing process while ensuring safety and contain the spread of Covid-19 at the work place.
Some of the company’s profiled in this report include Honeywell International Inc., Safran Electronics & Defense, Northrop Grumman Corporation, General Electric Company, Teledyne Technologies, Inc, Thales Group, Rockwell Collins, Inc., Gladiator Technologies, Inc, Lord Microstrain and Vectornav Technologies, LLC.
• In 2020, US Air Force has awarded a contract worth US$ 3.52 billion to Honeywell International Inc for the modernization of existing fleet of aircraft. The contracts include the integration of EGI/EGI-M, Embedded GPS Inertial Navigation System which is designed for compatibility with legacy aircraft. Under this contract Honeywell will modernize F-22 jet fighter and E-2D carrier-based radar aircraft.
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